VanEck Oil Correlations

OIH Etf

USD 259.00 2.74 1.05%

The current 90-days correlation between VanEck Oil Services and SPDR SP Oil is 0.82 (i.e., Very poor diversification). The correlation of VanEck Oil is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

VanEck Oil Correlation With Market

Very weak diversification

The correlation between VanEck Oil Services and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding VanEck Oil Services and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in VanEck Oil Services. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with VanEck Etf

0.7	VDE	Vanguard Energy Index	Pair Corr
0.95	XOP	SPDR SP Oil	Pair Corr
0.62	IYE	iShares Energy ETF	Pair Corr
0.94	FXN	First Trust Energy	Pair Corr
0.7	FENY	Fidelity MSCI Energy	Pair Corr
0.83	FTXN	First Trust Nasdaq	Pair Corr
0.81	IEO	iShares Oil Gas	Pair Corr
0.72	UPRO	ProShares UltraPro SP500	Pair Corr
0.75	QTJA	Innovator ETFs Trust	Pair Corr
0.72	QTOC	Innovator ETFs Trust	Pair Corr
0.72	XTOC	Innovator ETFs Trust	Pair Corr
0.73	XTJA	Innovator ETFs Trust	Pair Corr
0.82	AXP	American Express	Pair Corr
0.72	CAT	Caterpillar	Pair Corr
0.73	HD	Home Depot	Pair Corr
0.67	AA	Alcoa Corp	Pair Corr
0.66	HPQ	HP Inc	Pair Corr

Moving against VanEck Etf

0.68	PG	Procter Gamble	Pair Corr
0.66	TRV	The Travelers Companies	Pair Corr
0.61	MCD	McDonalds	Pair Corr
0.59	JNJ	Johnson Johnson	Pair Corr
0.59	KO	Coca Cola	Pair Corr

Related Correlations Analysis

	XOP	XLE	SMH	XLB	XME
XOP		0.68	0.74	0.36	0.72	XOP
XLE	0.68		0.19	0.57	0.54	XLE
SMH	0.74	0.19		0.24	0.67	SMH
XLB	0.36	0.57	0.24		0.72	XLB
XME	0.72	0.54	0.67	0.72		XME
	XOP	XLE	SMH	XLB	XME

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

VanEck Oil Constituents Risk-Adjusted Indicators

There is a big difference between VanEck Etf performing well and VanEck Oil ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze VanEck Oil's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
XOP	1.25	0.00	0.00	(0.06)	0.00	0.00	2.36	(3.14)	8.48
XLE	1.03	0.11	0.08	0.11	1.49	(0.95)	2.10	(2.41)	5.70
SMH	1.79	(0.05)	0.00	(0.11)	0.00	0.00	2.94	(4.19)	13.15
XLB	0.78	(0.01)	0.00	(0.08)	0.00	0.00	1.31	(1.83)	4.69
XME	1.29	(0.05)	0.00	(0.12)	0.00	0.00	3.02	(3.31)	8.03

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC